Quintessential Equity completes multi-million dollar commercial refurbishment in Perth’s CBD
25 February 2020
After undertaking an extensive refurbishment in 2019, diversified property group Quintessential Equity has announced the completion of works at an office building located at the heart of Perth’s legal centre.
The newly refurbished eight-level building at 8 St Georges Terrace comprises 4,586 square metres of net lettable area, with open-plan office space between 200-600 square metres.
With a focus on tenant wellbeing, the multi-million dollar refurbishment includes a new ground floor lobby and end-of-trip facilities, as well as upgrades to design and functionality throughout the building.
Quintessential Equity purchased the fully vacant building for $9.25 million in 2018, as part of its first Master Fund – a move that allowed the property group to buy into Perth at the lower end of the market.
Continued uplift is predicted for Perth’s office market in 2020, with the Property Council of Australia reporting positive tenant demand and vacancy decreases over the past six consecutive periods.
According to Quintessential Equity managing director Shane Quinn, the regeneration works at 8 St Georges Terrace mean the office building is well positioned within Perth’s recovering market.
“We’ve made a significant investment upgrading the building to provide better facilities for tenants in a more modern, functional space,” says Mr Quinn.
“After being vacant for a number of years, we are excited about what the office space can now offer the Perth market.”
In line with Quintessential Equity’s commitment to sustainability, refurbishment works were carried out with a focus on reducing the building’s carbon footprint and ongoing running costs.
This included the construction of a new conference facility, as well as lift modernisation and a mechanical regeneration – aiming to achieve a minimum 4.5 Stars NABERS base building energy rating. Upgrades were also made to bathroom areas, including modern fixtures and water and electricity saving facilities.
Quintessential Equity has appointed leasing agents CBRE and JLL to complete the leasing of 8 St Georges Terrace. CBRE associate director James Phelan says the upgraded building sets a new benchmark for the Perth office market.
“The quality of the finishes are to a premium grade standard – helping meet all the office requirements of the modern day tenant,” says Mr Phelan.
“We are expecting strong tenant demand in the coming 12 months, with the building well positioned to capitalise on improving market fundamentals in Perth.”
8 St Georges Terrace will officially launch on 26 February, with an afternoon event hosted by Quintessential Equity, CBRE and JLL. Featuring speeches from
Quintessential Equity’s executive chairman Shane Quinn and guest speaker Adam Simpson, West Coast Eagles Senior Coach.